Polestar, the Swedish electric performance car company, has raised $550 million from a group of long-term financial investors. The private placement of newly issued shares marks the first time external investors have backed Polestar’s products, brand, industrial capability, financial ambitions and high growth potential.
It has also confirmed that it is in ongoing discussions with global investors about possible additional fund raising.
The group of investors is led by Chongqing Chengxing Equity Investment Fund Partnership, Zibo Financial Holding and Zibo Hightech Industrial Investment. They have been joined by I Cube Capital, an arm of SK Inc., the South Korean global conglomerate, and a range of other investors.
The new investment sets the stage for future growth by diversifying Polestar’s funding structure and deepening the resources available to accelerate its product development and technological capability ahead of the launch of several ground-breaking cars in coming years.
Thomas Ingenlath, CEO of Polestar, says: “Our new investors have recognised that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric.”
Since launch three-and-a-half years ago, Polestar has developed its own manufacturing capability in China, built a global sales and distribution operation and successfully launched two vehicles, the Polestar 1 and Polestar 2. Its pafrent company is China’s Geely Group.